In 'no-man's-land': Hope and angst grip SA markets as coalition era dawns
Indications are that the ANC may not only lose its majority, but do so by a margin wider than expected. Election results from South Africa have left investors swinging between anxiety over the different permutations that coalition may take and lingering hopes that whatever it is will result in a market-friendly government. , confident the ruling ANC would secure enough votes for a coalition with a smaller party. That drove gains in the rand and the nation’s other assets.
"We remain in something of a no-man’s-land at present, with the still-sizable uncertainty over the ANC’s final tally keeping most options for the next government on the table," said Ivailo Vesselinov, chief strategist at Emso Asset Management. The yield on South Africa’s local-currency bonds maturing in 2035 rose Thursday by three basis points to 12.08%.
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